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flag Belize Belize: Trade Profile

Foreign Trade in Figures

Customs duties are relatively high, with rates ranging from 0 to 45%. However, Belize continues to open its economy. For example, imports from the CARICOM (Caribbean Community and Common Market) are exempted from import duties. In order to protect certain national industries, import licenses are mandatory. 

In 2010 Belize registered a trade deficit. The establishment of oil fields was not enough to resume growth due to weak commercialization. Belize continues to depend heavily on foreign trade,the United States being its main trade partner (50% of imports). The country imports most of its energy from the USA, Mexico and Venezuela, as part of the Petrocaribe alliance. As for its exports, 75% are absorbed by the same great northern neighbor, the United States and by the United Kingdom.  

Foreign trade is subject to the fluctuations of global prices on commodities and to the pursuance of preferential trade agreements, especially with the United States, the European Union (sugar cane) and the United Kingdom (bananas).

 
Foreign Trade Indicators 20062007200820092010
Imports of Goods (million USD) 660684837668700
Exports of Goods (million USD) 274267310265330
Imports of Services (million USD) 143159161154150
Exports of Services (million USD) 339369355317329
Imports of Goods and Services (Annual % Change) 0-013--
Exports of Goods and Services (Annual % Change) 11-63--
Trade Balance (million USD) -185-216-308-237-171
Current Account (million USD) -25-52-132-94-
Foreign Trade (in % of GDP) 123122132--
Imports of Goods and Services (in % of GDP) 626270--
Exports of Goods and Services (in % of GDP) 616062--

Source: WTO - World Trade Organization ; World Bank - Last Available Data.

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Main Partner Countries

Main Customers
(% of Exports)
2010
United States 49.1%
United Kingdom 26.1%
Costa Rica 4.5%
Netherlands 3.6%
Japan 2.9%
See More Countries 13.7%
Main Suppliers
(% of Imports)
2010
United States 47.9%
Mexico 10.0%
China 9.7%
Guatemala 8.0%
Panama 5.4%
See More Countries 19.0%

Source: Comtrade, Last Available Data

Main Products

Main Exports
(% of Exports)
2010
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 35.7%
Fruit juices, incl. grape must, and vegetable...Fruit juices, incl. grape must, and vegetable juices, unfermented, not containing added spirit, whether or not containing added sugar or other sweetening matter 15.2%
Bananas, incl. plantains, fresh or driedBananas, incl. plantains, fresh or dried 14.6%
Cane or beet sugar and chemically pure sucrose, in...Cane or beet sugar and chemically pure sucrose, in solid form 10.4%
Crustaceans, fit for human consumption, whether in...Crustaceans, fit for human consumption, whether in shell or not, live, fresh, chilled, frozen, dried, salted or in brine, incl. crustaceans in shell cooked beforehand by steaming or by boiling in water; flours, meals and pellets of crustaceans, fit for human consumption 9.5%
See More Products 14.7%
Main Imports
(% of Imports)
2010
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 14.9%
Cigars, cheroots, cigarillos and cigarettes of...Cigars, cheroots, cigarillos and cigarettes of tobacco or of tobacco substitutes 2.2%
Footwear with outer soles of rubber, plastics,...Footwear with outer soles of rubber, plastics, leather or composition leather and uppers of textile materials (excl. toy footwear) 1.9%
Cartons, boxes, cases, bags and other packing...Cartons, boxes, cases, bags and other packing containers, of paper, paperboard, cellulose wadding or webs of cellulose fibres, n.e.s.; box files, letter trays, and similar articles, of paperboard of a kind used in offices, shops or the like 1.6%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 1.5%
See More Products 77.9%

Source: Comtrade, Last Available Data

 

To go further, check out our service Import export flows

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Commercial Policy

Main International Economic Cooperation
Member of World Trade Organisation
Member of Caribbean Common Market (CARICOM)

Member of Free Trade Area of the Americas (FTAA)

Assessment of Commercial Policy
The assessment of Belize’s commercial policy
Average Customs Duty (Excluding Agricultural Products)
20%
 

List of tariffs and local taxes that apply to your product on our service Customs duties and local taxes

 
Useful Resources
Belize Customs and Excise Department



National Organization of Intellectual Property
The BELIPO, Belize Intellectual Property Office .
 

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Learn more about How to Export to Belize on Globaltrade.net, the Directory for International Trade Services.
 

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Last Updates: January 2012

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